Slide 1: Business Finance Pipeline
Business Finance Pipeline Appendices
Slide 2: Results Q2 2025
Business Finance Pipeline Appendices Results Q2 2025 July 31, 2025
Slide 3: Forward-looking statements
Business Finance Pipeline Appendices Forward-looking statements This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projecti
Slide 4: Agenda
Business Finance Pipeline Appendices Agenda 01 Business Paul Hudson 02 Finance François Roger 03 Pipeline Houman Ashrafian 04 Q&A Presenters and Olivier Charmeil, Brian Foard, Brendan O’Callaghan, Roy Papatheodorou, and Thomas Triomphe 4 Investor Relations
Slide 5: Double-digit Q2 sales growth; 2025 sales guidance refined
Business Finance Pipeline Appendices Double-digit Q2 sales growth; 2025 sales guidance refined €10.0bn 3.8 4.1 • Pharma launches ALTUVIIIO on track to blockbuster status +10.1% -2.9% • Vaccines +21.1% Growth driven by Beyfortus (€bn) • Dupixent Strong volume growth across all regions 0.9 1.2 and ind
Slide 6: Launches contributed 10% of sales
Business Finance Pipeline Appendices Launches contributed 10% of sales Sales (€m) Q2 291 192 140 132 72 69 54 18 1 €969m +47.3% All percentage changes at CER. 6 Investor Relations
Slide 7: Dupixent: strong momentum continues to be driven by demand
Business Finance Pipeline Appendices Dupixent: strong momentum continues to be driven by demand Sales (€m) Performance Worldwide sales growth driven by strong volume 3,832 +21.1% across geographies 3,303 • #1 NBRx and #1 TRx market share across all indications1 • >20% market growth across all indica
Slide 8: Vaccines: steady progress, investing in respiratory
Business Finance Pipeline Appendices Vaccines: steady progress, investing in respiratory Sales (€m) Continued pipeline progress Acquisition of +10.3% Beyfortus Strategic fit 6-month protection in label (EU) • Early-stage respiratory vaccines 1,214 1,141 • Fast-growing market addressing 115 141 Nuvax
Slide 9: Blueprint: complementing rare diseases with a growth medicine
Business Finance Pipeline Appendices Blueprint: complementing rare diseases with a growth medicine Ayvakit on track to blockbuster status Leading franchise in rare Further pipeline expansion Sales ($m) immunology diseases BLU-808 +52.5% 200 Potentially a highly potent and selective wild-type KIT inh
Slide 10: New sustainability strategy in action
Business Finance Pipeline Appendices New sustainability strategy in action Eco-design moving forward World’s most sustainable companies in 2025 2025: all new medicines and vaccines 2030: top-20 medicines and vaccines1 Sanofi ranked Reduction in environmental footprint through eco-design2 #10 Dupixen
Slide 11: Finance Q2 2025
Business Finance Pipeline Appendices Finance Q2 2025
Slide 12: Q2: strong sales and underlying EPS performance
Business Finance Pipeline Appendices Q2: strong sales and underlying EPS performance (€m) Q2 2024 Q2 2025 Change Sales Growth driven by Immunology, pharma Net sales 9,427 9,994 +10.1% launches, and Beyfortus Other revenues 736 741 +4.6% Gross profit 7,169 7,742 +12.4% Gross margin Gross margin 76.0%
Slide 13: Actively redeploying capital
Business Finance Pipeline Appendices Actively redeploying capital 1 Organic investment divested controlling stake 2 BD/M&A in consumer health business Retains capacity for further March May June July licensing and acquisitions April 3 Growing dividend 4 Share buyback Immunology Neurology Rare diseas
Slide 14: Considerations for other operating income and expenses
Business Finance Pipeline Appendices Considerations for other operating income and expenses Reimbursement of development balance by Regeneron Amvuttra® royalty4 • Sanofi funds majority of development costs¹ • Recently approved in the US and EU for ATTR-CM • Regeneron reimburses up to 50% of cumulati
Slide 15: FY 2025: business dynamics to consider; sales guidance refined
Business Finance Pipeline Appendices FY 2025: business dynamics to consider; sales guidance refined Sales P&L Beyfortus Other medicines Gross margin Capital gains (divestments) • modest growth divestments €200m to increase around €500m • Q3/Q4 split equally €250m sales impact Flu Operating expenses
Slide 16: Pipeline
Business Finance Pipeline Appendices Pipeline
Slide 17: Pipeline: Q2 highlights
Business Finance Pipeline Appendices Pipeline: Q2 highlights Regulatory Dupixent BP (US) Acquisition of Blueprint approvals Sarclisa NDMM, TE (EU) MenQuadfi meningitis (6 weeks+) (US) Regulatory Dupixent BP (JP) elenestinib, potential next-gen KIT inhibitor submission Cerezyme GD3 (US) for systemic
Slide 18: Immunology: commitment to treat patients with COPD
Business Finance Pipeline Appendices Immunology: commitment to treat patients with COPD Dupixent itepekimab lunsekimig Significant reduction in the AERIFY-1: significant Rationale: potential benefit annualized rate of moderate reduction in moderate or combining IL13 and TSLP or severe exacerbations,
Slide 19: Rare diseases and Oncology: progress in broadening the scope
Business Finance Pipeline Appendices Rare diseases and Oncology: progress in broadening the scope rilzabrutinib Sarclisa efdoralprin alfa Potential platform rare diseases Subcutaneous data at ASCO Potential in AATD emphysema ITP Sarclisa-Pd established non-inferiority in AAT recombinant protein • Fi
Slide 20: Neurology: riliprubart targeting high unmet need in CIDP
Business Finance Pipeline Appendices Neurology: riliprubart targeting high unmet need in CIDP Open-label phase 2 study demonstrated encouraging efficacy and favorable safety Potential for efficacious, Part A subcutaneous option Primary and all secondary endpoints met across three subgroups at week 2
Slide 21: Pipeline: upcoming news flow
Business Finance Pipeline Appendices Pipeline: upcoming news flow balinatunfib – RA amlitelimab – AD (full data) efdoralprin alfa – AATD Nexviazyme – IOPD SAR447873 – GEP NETs amlitelimab – AD (first data) venglustat – Fabry disease SP0230 – meningitis tolebrutinib – PPMS lunsekimig – asthma venglus
Slide 22: Q&A session
Business Finance Pipeline Appendices Q&A session To ask a question By Zoom By phone Any problems? Click on the Raise and lower your Email us: Raise hand icon hand: dial *9 investor.relations@sanofi.com Check your audio device Unmute and mute is well connected your microphone: dial *6
Slide 23: Finance appendices
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Finance appendices
Slide 24: Sales biopharma
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Sales biopharma Q2 2025 (€m) change Dupixent 3,832 21.1% Polio/Pertussis/Hib vaccines & Boosters 693 1.3% Lantus 426 11.5% Toujeo 338 10.5% Meningitis, Travel and endemic vaccines 307 7.4% ALTUVI
Slide 25: Currency impact
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Currency impact Sales (€m) Business EPS (€) +98 +0.02 -116 -0.06 -335 -384 -0.10 -0.12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2024 2025 25 Investor Relations
Slide 26: Currency sensitivity and exposure
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Currency sensitivity and exposure 2025 business EPS currency sensitivity Currency exposure on Q2 2025 sales Net sales Business EPS Currency Variation sensitivity sensitivity US Dollar +0.05 USD/E
Slide 27: Free cash flow
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Free cash flow (€bn) 0.4 0.1 1.4 -0.1 0.9 0.1 Free cash flow Business Change in Acquisition net Other1 Free cash flow Q2 2024 operating income working capital of proceeds Q2 2025 at CER excluding
Slide 28: Net debt evolution
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Net debt evolution (€bn) 8.8 4.8 0.6 5.1 -3.4 4.0 1.1 -10.7 Net debt FCF3 Net cash inflow M&A and BD Acquisition of Dividends paid Other5 Net debt Dec 31, 20241,2 from the Opella activity4 treasu
Slide 29: Pipeline appendices
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline appendices
Slide 30: Pipeline: registration and phase 3
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: registration and phase 3 Registration bullous pemphigoid (EU, JP, CN) Cerezyme enzyme replacement therapy Gaucher disease type 3 (US) DupixentA IL4xIL13 mAb chronic spontaneous urticari
Slide 31: Pipeline: phase 2
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: phase 2 Immunology Rare diseases DupixentA IL4xIL13 mAb ulcerative colitis rilzabrutinib BTK inhibitor warm autoimmune hemolytic anemia bronchiectasis efdoralprin alfa8 AAT fusion prote
Slide 32: Pipeline: phase 1
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: phase 1 Immunology Oncology SAR444336 non-beta IL2 SynthorinTM inflammatory indication SAR445953I CEACAM5-Topo1 ADC colorectal cancer SAR4453991 IL1R3 mAb inflammatory indication SAR446
Slide 33: Pipeline: Q2 appendix changes
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: Q2 appendix changes New in Removed from Regulatory Phase 3 Regulatory Phase 3 Submission Dupixent – BP (JP) SP0218 – yellow fever Approval Dupixent – BP (US) Dupixent – eosinophilic gas
Slide 34: Pipeline: regulatory designations since 2020
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: regulatory designations since 2020 Orphan Fast track (US) Breakthrough therapy Priority review Dupixent – BP, EoE (US) itepekimab – COPD Dupixent – AD (US) Dupixent – AD, PN (US, CN), E
Slide 35: What’s next: Immunology
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations What’s next: Immunology As of July 31, 2025. Dashed lines represent future clinical study starts, barring unforeseen events. 1. Subject to further analysis and regulatory discussions. For abbrevi
Slide 36: What’s next: Vaccines
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations What’s next: Vaccines pneumococcal disease 21-valent conjugate acne mRNA chlamydia mRNA New fields phase 3 phase 2 phase 1 PPH hexa, penta, quadrivalent boosters boosters approved approved mening
Slide 37: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: main clinical studies across disease areas Immunology Dupixent (IL4xIL13 mAb) frexalimab (CD40L mAb) SAR446422 (CD28xOX40 bispecific Ab) - BP (NCT04206553) - SLE (APATURA: NCT05039840)
Slide 38: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: main clinical studies across disease areas Neurology Oncology tolebrutinib (BTK inhibitor) Sarclisa (CD38 mAb) SP0218 (vero cell) - nrSPMS (HERCULES: NCT04411641) - MM, 1L TE (GMMG-HD7:
Slide 39: Collaborations
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Collaborations Ref Name Developed in collaboration with… A Dupixent itepekimab Regeneron Kevzara B frexalimab ImmuNext C SP0202 SK bioscience D eclitasertib Denali E duvakitug Teva Pharmaceutical
Slide 40: Abbreviations
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Abbreviations AAT alpha-1-antitrypsine GA geographic atrophy pJIA polyarticular juvenile idiopathic arthritis AATD alpha-1-antitrypsine deficiency GCS glucosylceramide synthase PMR polymyalgia rh
Slide 41: Business Finance Pipeline
Business Finance Pipeline Appendices